ITAT Deletes Section 68 Addition as No Share Capital Was Received During the Year

EPS Financial Services Pvt. Ltd. Vs ITO (ITAT Kolkata) The assessee filed appeals for Assessment Years 2016-17 and 2019-20 against orders of the National Faceless Appeal Centre. The Tribunal considered separate issues for each assessment year and ultimately allowed both appeals. Assessment Year 2016-17 The first issue concerned an addition of ₹2,25,55,000 made under Section 68 on account of alleged unexplained share capital and share premium received from M/s Himalaya Vyapaar Pvt. Ltd. and M/s Maroon Infrastructure Pvt. Ltd. The assessee, a Non-Banking Financial Company (NBFC), had filed its...